- U.S. Interest Rates Could Head Significantly Lower!
Speaking of insane… I’m hearing some of the best bond and mortgage interest rate forecasters call for significantly LOWER interest rates in the second half of the year.
And guess what? We are starting to see them. Last week I was able to help a client on a Jumbo No Closing Cost, 30 year fixed at 3.875%, the 15 year jumbo was at 3.375%.
- Student loan debt shaping the future of home ownership
The Wall Street Journal got it right! Student loan debt is shaping the future generation of home ownership. Not only are clients uncomfortable leaving med school with 6 figures in debt and then packing another big six figure loan for a home, but even if they were comfortable with the debt structure, many cannot qualify due to how conventional loans count even deferred or zero payment student loans against their debt to income ratio.
- Our June Report Card
If this is the first time you’ve read one of our monthly report cards, welcome to a behind the curtain look at mortgage lending.
- Our May Report Card - Not a Bad Month!
Not a bad month. I give us an A-. But we can and we will do better.
- Why write a book about mortgage loans for physicians?
I just finished up my first book titled “Why Physician Home Loans Fail – How to Avoid the Landmines For a Flawless Home Purchase.” What a riot writing a book was.
- April Report Card - A First!
April was a first ever for our group. If you have read our monthly report cards before, then you know we publish it all. We take the real client closing satisfaction questionnaires and we publish them on the internet for everyone to view.
- March Report Card
March was a great month for our group as a whole. We we’re able to help 27 families into their new homes and all but two of them were very happy and would use and refer us again.
However, we fell short with two clients. As a reminder, this report card and the client satisfaction questionnaires are 100% real; we post the good, the bad and the ugly.
- Gambling on Real Estate…
Listen, if you are considering investing in real estate, I applaud you. I think there is no better wealth building opportunity out there, but do it for the right reasons. Guessing if prices are going up or down is not a sustainable strategy. Eventually you are likely to get it wrong and it will bury you.
- Our Report Card
Starting this month, we are going to publicly post ALL of our customer satisfaction questionnaires in the form of an end of the month report card. As far as I know, we are the only mortgage group in the country to publicly (and honestly) report 100% of our client feedback from the closing table.
- Observations from the other side of the planet (final chapter)!
This month, I’m wrapping up the top 5 observations from the other side of the planet. Having never traveled to Asian countries, there have been a few things that have really struck me as interesting and surprised me as I compare the East to the Western world I’m used to.
- Observations from the other side of the planet (continued)!
This month I write you from Pukhet, Thailand, as the Mettle family adventure is coming to an end. This trip has been has been a life changing event for my family and I want to give a special thanks to those of you who supported me while I was gone. THANK YOU! icon smile Observations from the other side of the planet (continued)!
I’m continuing last month’s top 5 observations from the other side of the planet. Having never traveled to Asian countries, there have been a few things that have really struck me as interesting and surprised me as I compare the East to the Western world I’m used to.
- Observations from the other side of the planet!
This month I write you from Koh Samuai Thailand, as the Mettle family adventure continues!
Having never traveled to Asian countries, there have been a few things that have really struck me as interesting and surprised me as I compare the East to the Western world I’m used to.
Here are the top 5 things that have struck me!
- Are We Returning to a More Balanced Real Estate Market?
Have you noticed the real estate market is changing (again)? One of the most common complaints I’ve heard from clients in 2013 was the challenge in finding a good home; the lack of supply had made it such an extreme seller’s market that buyers were very frustrated with the home buying process. That is starting to change for three reasons, which I’ll quickly lay out below.
- Taking the Stress OUT of Relocation
When I first speak to a client about buying and financing their new home, often times the conversation starts with “we want to know what kind of rates and fees you can offer”, “can you send me a good faith estimate?” which is certainly important, but in my opinion, not really what the client is thinking and is truly most concerned about.
These are the standard questions that we’re somewhat accustomed and comfortable with asking service providers that we have no history with. What clients who are relocating their family and children across the country really mean is:
“Will you take care of me and my family?”
“When it comes down to closing, will I be surprised, will there be any hiccups and will my son or daughter really have some place to call home when we arrive?”
- FHA vs. Conventional… Which is better and what are the differences?
There has been a lot of attention given and misinformation spread about FHA financing. I’ve found very few people really understand the differences between FHA and Conventional Mortgage Insurance, so I’ll do my best to explain.
- Mortgage Rates Skyrocketing!
This month we just returned from a great little 4th of July trip to Southern California, where we spent 4 days enjoying the Southern California surf and sun, what a blast it was. The kids enjoyed the beach and spent several days swimming.
These kids are not the only thing blasting off! Mortgage interest rates have continued their rocket ship trajectory higher and have been annihilated since May. As of the writing of this article (7/9/2013) we’re seeing 30 year rates around 4.5% and the 15 year around 3.75%.
- Why Are Mortgage Rates Going Up?
This year we are seeing rates rise off their all-time lows of around 3.25% and approaching 3.75% (30 year fixed) for a couple of reasons, each of which have the potential to send rates higher before the end of the year. Here are the risks to low interest rates as I see them.
- FHA Appraisal Conditions: What You Need to Know
I often receive requests for a list of items appraisers may condition to be repaired or addressed when buyers are obtaining an FHA loan. I’ve asked one of our local appraisers to address these questions. This may be helpful whether you are representing a seller or a buyer.
- Steady Progress Towards Recovery
This month the family has just returned from two awesome weeks in Huntington Beach, CA. Zander and Aria had an amazing trip and enjoyed the extra love and attention they received as well as the warm weather.
Speaking of time well spent… Have you seen what’s happening to home prices over the last 12 months? The graphic below is from S&P,Case-Shiller index, which was just released for October and shows that nationally home prices have just posted their biggest annual jump in two years. What I think is even more telling than one month’s reading, is the trend line, this graphic is pretty powerful showing we’ve definitely started turning the corner nationally for home values.
- Ready for Rent Explosion?
Is now a good time to rent? I think not. You can buy a home today at a discounted price and get a 30 year mortgage at a historically low interest rate. You can set your housing expense for the next thirty years. On the other hand, rental costs are poised to increase for years to come.
- Learn Unknown Financing Strategies for Physicians
I’ve learned a few things about financing Medical Professionals. First of all, they have unique financial and contractual situations that require specialized mortgage underwriting and understanding of their situations. I’ve found that not all Underwriters look at this the same and what might not be allowed with one bank is allowed with another. I’ve spent the last few years putting together the most comprehensive list of Physician home loan products in Utah to cater to the specific mortgage needs of MDs and DDSs.
- What Factors Determine The Interest Rate I’ll Be Offered On My Loan?
If you’ve decided to buy a home or refinance your mortgage, you may be puzzled by the different interest rates you’ve seen advertised for home loans. You’re not alone: Many home buyers and homeowners are confused when they discover they don’t qualify for these rock-bottom interest rates. The reality is that the interest rate you’ll pay on a loan is determined largely by your own personal situation.
- Nine Credit Magic Tricks
Here are some simple tips to maximize your credit scores!!
- Why Now Is A Great Time To Buy
I just read an informative report on why NOW is a great time to buy a home. I’ve never seen anything more comprehensive or convincing.
- Here's What You Can Expect When You Make Us Your Mortgage Lender!
We’re fast, friendly and accurate. When you’re in the kicking the tires stage of a mortgage it’s hard to know exactly what you are going to get or what the process is going to look and feel like. We get it!
Here’s what you can expect when working us and EXACTLY what you can expect when you become a client!
- Why Mortgage Pre-approval Is NOT Enough…
Here’s the inside scoop: the old style of pre-approvals, which was at best a 5 minute phone call, a quick look at credit and maybe gathering a W-2 and a pay-stub…Is NOT enough!
If you want an UNEVENTFUL loan and closing on your new home, we suggest clients complete a full Credit and Income Approval.
- Physician’s Top 5 Home Loan Questions Answered
Josh answers the top 5 questions Physicians ask about home loans.
- 4 Compelling Financial Reasons to Buy Now
As Dean Hartman said last week, the purchase of a home is a personal decision. However, we want to give everyone four great financial reasons why you should not wait before taking the plunge into homeownership.
- Building or Buying a New Home?
If you are thinking of buying or building a brand spanking new home, you’re in luck because this article was created for you! In fact, many of my clients have determined the market has become pretty well picked over and the majority of what’s left is either over-priced or junk. Recently I’ve been fielding a lot of questions about buying brand new construction or building a new home, so I’ve decided to help you by outlining the process.
- You Can Trade Your Old Home For A NEW Home!
In a nutshell, you’ll receive an offer with a guaranteed purchase price for your current home. This gives you clear directions and takes a lot of the risk out of starting construction on a new home.
- If Prices Are Falling, Why Are the Rich Buying?
There is an interesting phenomenon taking place in the real estate market. While house prices are falling, the rich are starting to purchase.
- For Buyers:The Financial Opportunity of a Lifetime?
We often point out that a buyer should be more concerned about the COST of a home rather than the PRICE. Price obviously is a component of cost. However, unless you buy all-cash, you must also be concerned about the financing of the purchase. The price and the financing together determine the cost of a home. Today, we want to look at only the financing piece.
- The Cost of Waiting for Prices to Fall
Many purchasers have been sitting on the sidelines waiting for home prices to hit bottom. They want to guarantee that they are purchasing at the best possible price. The buyer should not be concerned about housing prices, they should be concerned about cost.
- 10 Reasons People Decide to Buy a Home
Renting is a very frustrating way of life. The money you pay every month disappears, leaving you with few benefits other than a roof over your head. Compared to owning a home, renting is a futile exercise that leaves you with nothing after your lease is up. It’s no surprise that people want to get out of the rent race, and here are 10 reasons why people decide to buy a home versus renting.
- Today You Need EXCELLENT Not Good Credit!
Last year Fannie Mae and Freddie Mac introduced new Loan Level Pricing Adjustments, which increase the borrowing costs for higher risk borrowers.
- Buy or Rent? Play Chess, Not Checkers
Looking at the financial aspects of Renting versus Buying a home in today's market.
- 5 Reasons Why You Should Buy a Home Today
This might be the best time to buy a home in American real estate history...why?
- Five Most Frequent Mistakes of the Newly Divorced
What Are The Top Five Mistakes You Should Avoid If You Are Newly Divorced?
- Escrow Scheduling
The fiscal responsibility of a homeowner -- in Salt Lake and everywhere else -- extends beyond the mortgage's basic principal and interest repayments.
- The Top 7 Reasons to Consider an FHA Mortgage
When exploring your options for financing today, I believe everyone should at least consider an FHA Mortgage. Today, I want to tell you why:
- 5 Most Common Dumb Mistakes When Buying A Home
Hopefully, these tips will help you make informed decisions as you go through the mortgage process! Take some time to check them out so you do not make these mistakes!!
- Dave Ramsey - Financial Guru
" When getting help with money, whether it is insurance, real estate or investments you should always look for someone with the heart of a teacher, not the heart of a salesman."
- Utah Home Buyers Still Have Opportunities to Purchase a Home With No Money Out of Pocket
Many would be home buyers have mistakenly given up on the American dream of home ownership. DON’T DO IT, THERE ARE OPTIONS FOR YOU!
- Deciding on a Mortgage Lender?
A must read for anyone shopping for a loan!
- What's Working Now
10 Battle-Tested Tips to Help Landlords and Investors Survive & Thrive through the Recession
- 4 Tips To Present a Stronger Mortgage Application
As underwriting guidelines for lenders become more stringent, it becomes clearer what a good mortgage application looks like.
- Under Water and Paid As Agreed…
What are the consequences of teaching our children, friends and family that our word has no meaning? And what about when the going gets tough; is it ok to walk out on our obligations and look for greener pastures?
I recently returned from a mortgage convention where the topic of Strategic Default came up.
- Our Partnership With Intermountain Health Care (IHC) and SelectHealth
Utah Physician Home Loans has partnered with Intermountain Health Care (IHC) and SelectHealth to offer employees (not just Physicians) an exclusive discount program. This program is offered to any current IHC or SelectHealth employee and is good for half off the standard 1% origination fee.
- The Greatest Opportunity Ever Is Just About to Pass You By
You are foolish if you don't do everything you can to take advantage of this.
It is probably the greatest opportunity for you for the next 10 years.
And it is here now.
Time's "a-wasting" actually… You're about to miss the best moment, if you don't get on it, right now. The "V" bottom (as I call it) – where you can get the very best prices – is passing you by as I type.
I can't know this for certain, of course… But I'm more convinced of what I'm saying here than I have been about any other investment in my two decades of studying investments.
My friend, the time has come. It is time for you to buy a house, preferably a primary residence.
No excuses. No delays. Just figure out how to make it work.
Already have a house? Go get another, and rent out the one you're in.